Korea's digital companies employ crypto and alternative assets for charity cause

[Photo provided by Wemade Co.]

Regardless of regulations in Korea, digital tokens are quickly penetrating into the everyday lives for both for-profit and philanthropic causes.

Game publisher Wemade Co. recently donated 1 billion won ($831,393) worth of Wemix to Korea University. Wemix is a digital coin Wemade created and listed on major cryptocurrency exchanges at home and abroad. The coin is also used at MIR 4, its open world Asian-fantasy massively multiplayer online role-playing game that allows players to convert in-game resources into tradable digital assets.

Korea University plans to spend Wemix gift on blockchain related technology research and development projects. It will be able to convert the donated digital coins into cash after one-year lock-up period.

The company donated Wemix with a lock-up period with hopes that the university would pay greater attention to the blockchain industry and cryptocurrency, said a Wemade official.

Korbit, one of the country’s top 4 cryptocurrency exchanges, donated 59 Ethereums to Purme Foundation Nexon Children's Rehabilitation Hospital in April last year.

Peertec, operator of Gdac crypto exchange, donated 100 million won worth of Bitcoins to non-profit organization Community Chest of Korea in April last year.

Cryptocurrency already has become a popular way of making donations outside Korea for its advantage of transparency in fund use through blockchain technology’s distributed ledger system, said a Wemade official, adding that the company plans to make additional cryptocurrency donations for blockchain industry’s growth.

Stock and real estates are also replacing cash donations.

Namgoong Hoon, director of internet giant Kakao’s Future Intiative Center donated 300 million won, including 150 million won worth Kakao Games shares, to families of fire fighters who were killed on duty earlier this month.

In 2018, an unnamed senior citizen couple donated 20 billion won worth real estate properties to an educational institution.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]